Nonprofit · EIN 84-4902334
NCINNOVATION INC
Tax-exempt · DURHAM, NC 27713
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $272,126,634 | $19,108,008 | $253,018,626 | $534,287,080 | $11,327,855 | $522,959,225 |
| June 30, 2024 | 990 | $259,079,795 | $8,161,864 | $250,917,931 | $272,938,913 | $3,208,135 | $269,730,778 |
| June 30, 2023 | 990 (amended) | $10,283,256 | $2,153,367 | $8,129,889 | $18,408,832 | $18,553 | $18,390,279 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $250,000,000
- of which government grants
- $250,000,000
- Program service revenue
- $0
- Investment income
- $22,126,634
- Net gain from sales of assets
- -$15,503
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $9,895,927
- Compensation of officers, directors and key employees
- $2,435,669
- Other salaries and wages
- $2,240,765
- Salaries, compensation and benefits (total)
- $5,319,884
- Professional fundraising fees
- $0
- Legal fees
- $1,366,132
- Accounting fees
- $176,054
- Occupancy
- $195,598
- Travel
- $95,323
- Depreciation
- $17,432
- Program services (functional)
- $14,669,261
- Management and general (functional)
- $4,438,747
Balance sheet and other
- Total assets, start of year
- $272,938,913
- Total assets, end of year
- $534,287,080
- Total liabilities, end of year
- $11,327,855
- Net assets, end of year
- $522,959,225
- Land, buildings and equipment
- $77,121
- Net assets without donor restrictions
- $1,201,398
- Net assets with donor restrictions
- $521,757,827
- Gross receipts
- $798,718,206
- Employees
- 16
- Volunteers
- 14
- Year formed
- 2020
- State of legal domicile
- NC
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| J BENNET WATERS | PRESIDENT & CEO Officer | 40 | $610,683 | $73,897 |
| MICHELLE BOLAS | EVP & CIO Officer | 40 | $406,100 | $59,764 |
| JOSH HOWARD | SVP & CHIEF RISK OFFICER Officer | 40 | $277,083 | $52,589 |
| LINDA HALL | EVP & CFO Officer | 40 | $234,659 | $31,471 |
| M DERRICK WELCH | Senior Regional Innovation Director Highest-paid employee | 40 | $140,708 | $62,937 |
| ERIN HOPPER | Vice President, Grants & Research Highest-paid employee | 40 | $182,417 | $18,354 |
| ERICA SHRADER | Vice President, Corporate Affairs Highest-paid employee | 40 | $174,167 | $21,606 |
| MARY LOU BOURNE | Senior Regional Innovation Director Highest-paid employee | 40 | $139,458 | $33,997 |
| LOUIS JUDGE III | Senior Regional Innovation Director Highest-paid employee | 40 | $139,458 | $12,971 |
| BLANNIE MILLER | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| KELLY KING | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| KIRK BRADLEY | VICE CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| ART POPE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| BEN TEAGUE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| BETH FRIEDRICH | BOARD MEMBER (THRU 11/13/2024) Trustee or director | 1 | $0 | $0 |
8 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| DEANNA BALLARD | BOARD MEMBER (BEGAN 7/11/2024) Trustee or director | 1 | $0 |
| J CANTEY ALEXANDER | BOARD MEMBER Trustee or director | 1 | $0 |
| JEFF TURNER | BOARD MEMBER Trustee or director | 1 | $0 |
| KELLY FULLER | BOARD MEMBER Trustee or director | 1 | $0 |
| STAN KELLY | BOARD MEMBER Trustee or director | 1 | $0 |
| TODD KASPER | BOARD MEMBER Trustee or director | 1 | $0 |
| VEN POOLE | BOARD MEMBER Trustee or director | 1 | $0 |
| WAYNE SASSER | BOARD MEMBER (BEGAN 1/1/2025) Trustee or director | 1 | $0 |
990 for the year ended June 30, 2024: 17 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| J BENNET WATERS | PRESIDENT & CEO Officer | 40 | $596,950 | $73,510 |
| MICHELLE BOLAS | EVP & CIO Officer | 40 | $337,500 | $56,552 |
| JEFF SURAL THRU 93023 | SVP & CHIEF STRATEGY OFFICER Officer | 40 | $255,170 | $44,488 |
| KELLY KING | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| KIRK BRADLEY | VICE CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| J CANTEY ALEXANDER BEGAN 11823 | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| BETH FRIEDRICH BEGAN 11823 | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| KELLY FULLER | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| TODD KASPER BEGAN 11823 | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| STAN KELLY | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| BLANNIE MILLER BEGAN 11823 | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| ART POPE BEGAN 11823 | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| VEN POOLE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| BEN TEAUGUE BEGAN 11823 | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| JEFF TURNER BEGAN 11823 | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| JOSH HOWARD BEGAN 03124 | SVP & CHIEF RISK OFFICER Officer | 40 | $0 | $0 |
| LINDA HALL BEGAN 041524 | EVP & CFO Officer | 40 | $0 | $0 |
990 for the year ended June 30, 2023: 14 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| BENNET WATERS | EX OFFICIO PRESIDENT & CEO Officer | 40 | $300,000 |
| KELLY FULLER | BOARD MEMBER Trustee or director | 1 | $180,197 |
| KELLY KING | BOARD CHAIR Trustee or director, Officer | 1 | $0 |
| KIRK BRADLEY | BOARD VICE-CHAIR Trustee or director, Officer | 1 | $0 |
| DR KELLI BROWN | BOARD MEMBER Trustee or director | 1 | $0 |
| SHARON GABER PHD | BOARD MEMBER Trustee or director | 1 | $0 |
| PETER HANS | BOARD MEMBER Trustee or director | 1 | $0 |
| STAN KELLY | BOARD MEMBER Trustee or director | 1 | $0 |
| HAROLD MARTIN SR PHD | BOARD MEMBER Trustee or director | 1 | $0 |
| VEN POOLE | BOARD MEMBER Trustee or director | 1 | $0 |
| DR PHILIP ROGERS | BOARD MEMBER Trustee or director | 1 | $0 |
| LONNIE C POOLE III 32523-63023 | BOARD MEMBER Trustee or director | 1 | $0 |
| BOB INGRAM 7122-32423 | BOARD CHAIR Trustee or director | 1 | $0 |
| MICHELLE BOLAS | EXECUTIVE VICE PRESIDENT Officer | 40 | $0 |
Address and contacts
- Address (IRS master file)
- 4000 SANCAR WAY STE 400, DURHAM, NC 27713-2894
- In care of
- % LINDA HALL
- Principal officer (990 for 2024)
- Michelle Bolas, 4000 SANCAR WAY 400, RESEARCH TRIANGLE PARK, NC 27713
- Signed the 990
- Michelle Bolas, President & CEO
- Phone
- (919) 424-7262
- Website
- HTTPS://NCINNOVATION.ORG/
- Return prepared by
- BDO USA
Mission
THE ORGANIZATION IS A PUBLIC-PRIVATE PARTNERSHIP TO ACCELERATE AND SCALE COMMERCIALIZED INNOVATION FROM NC'S UNIVERSITIES, CREATE JOBS, AND IMPROVE ECONOMIC OPPORTUNITIES IN ALL 100 COUNTIES OF NORTH CAROLINA.
Program accomplishments
- AS AUTHORIZED UNDER N.C. GENERAL STATUTE SEC. 143-728, NCINNOVATION ADVANCED STATEWIDE PROGRAM DEVELOPMENT IN FY2025 BY AWARDING RESEARCH COMMERCIALIZATION SUPPORT GRANTS THROUGH A SPRING CYCLE IN MAY 2025 AND A FALL CYCLE IN DECEMBER 2025. THE ORGANIZATION ALSO CONTINUED SUPPORTING ALL UNC SYSTEM UNIVERSITIES BY SUPPORTING AND BUILDING THE RESEARCH CAPACITY OF EACH INSTITUTION THROUGH NCI'S STATEWIDE REGIONAL HUB NETWORKS PROGRAM.Expenses $14,669,261 · grants $9,895,927
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 84-4902334
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2020
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B19)
- Assets (IRS master file)
- $534,287,080
- Income (IRS master file)
- $798,718,206
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $272,126,634 | $19,108,008 | $534,287,080 | IRS |
| 990 | June 2024 | $259,079,795 | $8,161,864 | $272,938,913 | XML |
| 990 | June 2023 | $10,283,256 | $2,153,367 | $18,408,832 | XML |
| 990 | June 2022 | $1,750,000 | $397,780 | $4,795,472 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990-EZ | December 2020 | – | – | – | IRS |
990-N: the IRS publishes only the latest e-Postcard per organization; earlier years appear here as 990.tax collects the monthly files. 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS.
Questions about NCINNOVATION INC
- What is the EIN of NCINNOVATION INC?
- The employer identification number (EIN) of NCINNOVATION INC is 84-4902334.
- Is NCINNOVATION INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2020.
- Are donations to NCINNOVATION INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does NCINNOVATION INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of NCINNOVATION INC due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did NCINNOVATION INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of NCINNOVATION INC?
- The 990 for the year ended June 30, 2025 names Michelle Bolas.
- Who are the officers and directors of NCINNOVATION INC?
- The 990 for the year ended June 30, 2025 lists 23 people; 9 received compensation from the organization, the highest $610,683 (J BENNET WATERS, PRESIDENT & CEO).
- How much revenue does NCINNOVATION INC have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $272,126,634, expenses of $19,108,008 and total assets of $534,287,080 at year end.
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